Stealth QE is in full effect. The U.S. Treasury just executed the largest debt buyback in history - $15B, breaking last week’s $14.7B record. Treasury buybacks inject liquidity directly into the system - cash to banks, tighter spreads, freed balance sheets. It’s not Fed printing… But the effect is the same. And zoom out: - PMI just printed above 50 for two straight months for the first time in years. - Repo injections are back. - The Fed’s balance sheet has quietly pivoted back toward expansion. Liquidity is turning. And every major crypto cycle has followed one thing: liquidity.